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Community Health accepts early tenders for $132.93 million 2023 notes
By Taylor Fox
New York, Feb. 2 – Community Health Systems, Inc. announced the early tender results for wholly owned subsidiary CHS/Community Health Systems, Inc.’s cash tender offer for its outstanding $1,768,697,000 junior-priority secured notes due 2023 (Cusip: 12543DAZ3), according to a news release.
As of the 5 p.m. ET Feb. 1 early tender deadline, $132,925,000, or 7.52%, of the outstanding notes were tendered and accepted for purchase. The early settlement date is expected for Feb. 2.
As previously reported, Community Health removed the tender cap and increased the tender offer consideration to $1,044.06 per $1,000 of notes tendered and accepted, up from $1,035 per $1,000 of notes.
Holders who tendered their notes prior to the early tender deadline will receive the total consideration of $1,074.06 per $1,000 of notes, up from $1,065 per $1,000 of notes, including an early tender payment of $30 per $1,000 of notes tendered and accepted.
Community Health will also pay interest up to the applicable settlement date.
The tender offer expires at 11:59 p.m. ET on Feb. 16.
The tender offer will be funded with the net proceeds from the company’s junior-priority secured notes offering, which was upsized to $1,775,000,000 from $750 million, and cash on hand.
The offer is conditioned upon, among other things, the completion of a debt financing for gross cash proceeds of $1,768,697,000 or more.
All of the junior-priority notes that remain outstanding after the tender offer will be conditionally redeemed at 107.406 plus interest on Feb. 4.
Credit Suisse Securities (USA) LLC (800 820-1653, 212 538-2147) is the dealer manager, and Global Bondholder Services Corp. (866 470-3800, 212 430-3774; contact @gbsc-usa.com) is the depositary and information agent.
Community Health is a Franklin, Tenn., hospital company.
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